Partnership Investment on a duplex using FHA

[Zach Gulbransen]

I’m currently looking to purchase a $220,00 duplex for 3.5% down with a partner. In year 1 I will be living there and renting out the 5 other bedrooms to friends of mine. After year 1 I plan on moving out and renting out all 6 bedrooms as a college rental.

My partner will be in charge of the hands on property management as I will be living a few hours away. If I’m on the loan and my partner is not, but he will be doing the property management, how can we structure an agreement that is fair for both parties and keeps both sides protected?

Any feedback would be much appreciated!!